689 



<E) for the fiscal year begining July 1, 1974, 

 $6,200,000,000; 



(P) for the fiscal year beginning July 1, 1975. 

 $6,350,000,000: and 



(G) for the period beginning July 1, 1976, and 

 ending December 31, 1976. $3,325,000,000. 



(2) No:icontiKUOus States adjustment amoiinls. 

 There is appropriated to the Trust Fund, out of 



amounts in the general fund of the Treasury at- 

 tributable to the collections of the Federal individ- 

 ual income taxes not otherwise appropriated — 



(A) for the period beginning January 1, 1972, 

 and ending June 30. 1972. $2,390,000; 



(B) for the period beginning July 1, 1972, and 

 ending December 31. 1972, $2,390,000; 



(C) for the period beginning January 1, 1973, 

 and ending June 30, 1973, $2,390,000; 



(D) for each of the fiscal years beginning 

 July 1, 1973, July 1, 1974, and July 1, 1975, 

 $4,780,000; and 



(E) for the period beginning July 1, 1976, and 

 ending December 31, 1976. $2,390,000. 



(3) Deposits. 



Amounts appropriated by paragraph (1) or (2) 

 for any fiscal year or other period shall be de- 

 posited in the Trust Fund on the later of (A) the 

 first day of such year or period, or (B) October 21. 

 1972. 



(c) Authorization of appropriations for entitlements. 



(1) In general. 



In the case of any entitlement period de- 

 scribed in paragraph (3), there are authorized 

 to be appropriated to the Trust Fund to pay the 

 entitlements hereinafter provided for such en- 

 titlement period an amoimt equal to $6,650,000,- 

 000 times a fraction — 



(A) The numerator of which is the amoimt 

 of the Federal individual income taxes col- 

 lected in the last calendar year ending more 

 than one year before the end of such entitle- 

 ment period, and 



(B) the denominator of which is the 

 amount of the federal individual income taxes 

 collected in the calendar year 1975. 



The amount determined under this paragraph 

 is not to exceed $6,850,000,000. 



(2) Noncontiguous States adjustment amounts. 



In the case of any entitlement period described 

 In paragraph (3) , there are authorized to be ap- 

 propriated to the Trust Fund to pay the entitle- 

 ments hereinafter provided for such entitlement 

 period an amount equal to $4,780,000 times a 

 fraction — 



(A) the numerator of which is the amount 



of the Federal individual income taxes col- 

 lected in the last calendar year ending more 

 than one year before the end of such entitle- 

 ment period, and 



(B) the denominator of which is the 

 amount of the Federal individual income 

 taxes collected in the calendar year 1975. 



The amount determined under this paragraph 



is not to exceed $4,923,759. 



(3) Entitlement periods. 



The following entitlement periods are de- 

 scribed in this paragraph: 



(A) The entitlement period beginning Jan- 

 uary 1, 1977, and ending September 30, 1977; 



(B) The entitlement period beginning Oc- 

 tober 1, 1977, and ending September 30. 1978; 



(C) The entitlement period beginning Oc- 

 tober 1, 1978, and ending September 30, 1979; 

 and 



(D) The entitlement period beginning Oc- 

 tober 1, 1979, and ending September 30, 1980. 



(4) Short entitlement period. 



In the case of an entitlement period of 9 

 months which follows an entitlement period of 

 6 months — 



(A) the amount determined under para- 

 graph (1) for such 9-month period shall be 

 reduced by one-half the amount appropriated 

 for such 6-month period under subsection 

 (b)(1), and 



(B) the amount determined under para- 

 graph (2) for such entitlement period shall be 

 reduced by one-half the amount appropriated 

 for such 6-month entitlement period imder 

 subsection (b) (2). 



(d) Transfers from Trust Fund to general fund. 



The Secretary shall from time to time transfer 

 from the Trust Fund to the general fund of the 

 Treasury any moneys in the Trust Fund which he 

 determines will not be needed to make payments to 

 State governments and units of local government 

 under this subchapter. (Pub. U 92-512, title I, § 105, 

 Oct. 20, 1972, 86 Stat. 920 ; amended Pub. L. 94-273, 

 § 12(2), Apr. 21, 1976, 90 Stat. 378; Pub. L. 94-488, 

 § 5, Oct. 13, 1976. 90 Stat. 2341.) 

 Amendments 



1976— Subsec. (a)(1). Pub. L. 94-488, 5 5(a) (1) added 

 "or (c) " following "as provided In subsection (b) . 



Subsec. (a)(2). Pub. L. 94-273, 5 12(a) deleted 

 "March" and substituted "June." 



Subsec. (c) and (d). Pub. L. 94-488, § 5(a) (2) and 

 (3), redesignated subsec. (c) as subsec. (d) and added 

 a new subsec. (c), respectively. 



10. Special Rules for Determining Capital Gains and Losses 



26 U.S.C. 1245, 1250 



1246. Oaln from dispositions of certain depreciable prop- ^^io. Oaln from dispositions of certain depreciable realty. 

 erty. 

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